-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们设定Versant未来12个月的目标股价为35美元，并采用3.1倍的EV/EBITDA倍数对2026年的业绩进行估值。我们预计Versant 2026年的每股收益为5.80美元，2027年为8.01美元。Versant身处竞争激烈且瞬息万变的媒体和娱乐市场，这些市场正经历着受众内容消费方式的根本性转变。Versant在业务的各个方面都面临着激烈的竞争，拥有雄厚资源、规模效益更高、监管负担更轻的竞争对手正日益挑战其市场地位。付费电视行业持续面临长期压力，这主要是由于用户取消有线电视服务（cord cutting）所致，导致线性发行收入不断下滑，并给公司带来长期风险。Versant承认收视率下降，尤其影响了广告收入，并强调选举后的市场正常化将对广告和整体收入构成不利影响。报告还提到，较弱的院线档期对 Fandango 的业绩产生了负面影响。
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Research Alert: CFRA Keeps Hold Opinion On Shares Of Otis Worldwide Corporation
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target to $90 from $100 following Q1 earnings, valuing OTIS shares at 19.6x our 2027 EPS outlook of $4.58 (down from $4.70; 2026 EPS view updated to $4.18 from $4.25), a modest discount to industrial machinery peers' and OTIS's five-year forward multiple average given unclear timing of ongoing margin headwinds. Service margins were disappointing in Q1 (contracting 160 bps to 23%) amid higher labor and material costs that came in above pricing. Weakness in China has yet to stabilize, though as noted in the past, this represents a shrinking area of OTIS's portfolio and will have a more limited effect going forward. Overall, the latest quarter was more of the same (China weakness/New Equipment decline), though with the added concern of margin quality being pressured within Service - the core profit driver for OTIS overall. While efforts to shore up profitability are underway, we see timing of recovery being uncertain.
$OTIS
Asia Markets
Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
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$^TASI$SASE:2380$SASE:4012
Research
Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target price to $1,100 from $950 following a strong first quarter, valuing shares at 20.5x our 2027 EPS outlook of $54.28 (in line with previous estimate; 2026 EPS also in line). We believe a higher multiple is justified given URI's firming market leadership within an expanding rental equipment industry. A robust Q1 beat enabled URI to raise its full-year revenue guidance to $16.9B-$17.4B and adjusted EBITDA to $7.625B-$7.875B, citing momentum heading into a busy season. With leverage well below historical levels, we believe accretive M&A deals could serve as a potential catalyst for additional guidance increases. Margin compression has been a sticky issue for URI, but Q1 indicated that pricing may have turned around and that headwinds are starting to ease as quarterly results begin to lap when tariff-related inflation began to pick-up. We remain cautious on margins, though are encouraged by signs of stabilization. New project activity is likely supporting pricing trends, in our view.
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